JCPenney held a two day analyst meeting where they outlined some of their long term growth plans for 2007-2011. Some of the development highlights that they’ve outlined:

- 250 new stores opening in this period with the majority of them being in the new, off the mall format

- 300 stores being rennovated by 2011

- announcing that they’ve signed a plan to open a 125-150,000 square foot store in the redeveloped Manhattan Mall in Midtown Manhattan. Located at 33rd and 6th Ave, this mall has huge foot traffic and is right across the street from Macy’s flagship Herald Square location. Location is expected to open in 2008 or early 2009.

JCPenney has an aggressive growth plan outlined for this time period. Coupled with the rapid expansion of Kohl’s (previously announced growth plans of 500 new stores opening in the period of 2006-2011), it looks like there is tremendous room to grow within the mid-tier department store sector.

More information from TradingMarkets.com (see: J. C. Penney Lifts Q1 Guidance; Plans To Open 250 New Stores In Five Years - Update) and Forbes (see: J.C. Penney Co. raises profit forecast, will open Manhattan store 1 block from Macy’s)